Bursa easier this morning on cautious sentiment after Wall St fall

: Bursa Malaysia opened lower this morning on cautious sentiment after Wall Street’s weak performance on Friday and ahead of the US Federal Reserve’s meeting on interest rates this Wednesday, said an analyst.

On the broader market, decliners outnumbered gainers 219 to 192 while 283 counters were unchanged, 1,679 untraded and 23 suspended.Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said although it is widely expected that the Fed would hold interest rates for now, the recent headline inflationary figures from the United States still showed a slight expansion, indicating that interest rates would likely stay higher for longer.

“On the local front, the FBM KLCI finally tested the 1,460 mark or a six-month high attributed to persistent accumulations by foreign funds. Despite the headwinds from Wall Street, Thong expects the index to continue with its upward trajectory and hover between the 1,460 and 1,470 range today.

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